Ex-chairman of China's insurance regulator has been formally charged - top prosecutor

1 Min Read

BEIJING (Reuters) - The former chairman of China’s insurance regulator Xiang Junbo has been formally charged on suspicion of taking bribes, the country’s top prosecutor said on Monday.

Xiang, the highest-ranking financial regulator being investigated for graft to date, was expelled from the Communist Party last year after China’s anti-graft watchdog said he had “committed serious violations of political discipline and rules” in order to serve personal political interests.

China has merged its banking and insurance regulators this year aimed at resolving existing problems such as unclear responsibilities and cross-regulation.